505 N Sepulveda Blvd, Ste #12, Manhattan Beach, CA 90266

Trusts, Wills & Estate Planning in Manhattan Beach, CA

Be proactive in planning for the future, with legal services from The Law Offices of Daniel V. DuRoss in Manhattan Beach, California. Our local lawyer protects your assets and family with personalized services that assist with preservation of your estate and tailored wills or trusts to comply with your estate plan.

Practice Areas:
  • Trusts
  • Living Trusts
  • Trust Planning
  • Trust Administration
  • Wills
  • Living Wills
  • Estate Planning

Trusts & Estate Planning

A trust is an entity which owns assets for the benefit of a third person (beneficiary). A living trust is an effective way to provide lifetime and after-death property management and estate planning. When you set up a living trust, you are the grantor. Anyone you name within the trust who will benefit from the assets within it is a beneficiary.

In addition to being the grantor, you can also serve as your own trustee (original trustee). As the original trustee, you can transfer legal ownership of your property to the trust. This can save your estate from estate taxes when you die. Just remember that it does not alleviate your current income tax obligations.

Living Trusts

A living trust is a trust established during a person's lifetime in which his or her assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property it holds through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor).

The settlor, trustee, and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by its creator.

Perhaps the biggest advantage of a living trust is that it does not have to go through probate, as does a will. However, there are other estate planning devices which avoid probate, such as a joint tenancy, a life insurance policy, and others.

Call 310-937-9381 to schedule an appointment with The Law Offices of Daniel V. DuRoss

Legal Definitions Taken from USLEGAL.com